Sitex signs sale leaseback with bus operator, welcomes Carvana to NJ property

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New Jersey-based private equity firm Sitex has acquired a 40,000
s/f building on six acres of land in Paramus in a sale-leaseback with
transportation giant Coach USA.

Coach – which operates a fleet of buses, including the Megabus
brand – signed a long-term lease to remain at 160 Routh 17 North in Paramus. The
bus operator was sold by Parent Stagecoach to private Equity firm Variant
Equity in 2019 for $271.4 million.

The property comprises a 40,000 s/f building on six acres
that serves as a mission critical maintenance facility and parking hub for Coach.  Marc Imrem of Transwestern brokered the sale
for an undisclosed price.

“The acquisition of the Paramus property is a great example
of our team continuing to acquire well-located, infill industrial assets
throughout the New York metro area,” said Blake Chroman, a principal with
Sitex.

An acquisition and development company that specializes in industrial real estate in the New York/New Jersey markets, Sitex also announced a new lease with online used car retailer Carvana at its property at at 440 Florida Grove Road in Perth Amboy, NJ.

440 Florida Grove Road

That property is comprised of a 13,000 s/f vehicle
maintenance building on six acres and is easily accessible to and from major
transportation arteries.  Carvana secured
the property to support its fast growth in the region, said Sitex in a press
release.  Larry Schiffenhaus, Tom Monahan
and Steve D’Amato of CBRE brokered the transaction. 

Sitex acquired the then-vacant Perth Amboy property for
$14.2 million earlier this year as part of a strategic expansion into the
industrial sector. Since May 202, the company has acquired nearly a dozen
properties in the tri-state area.

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